Here too, customer decisions, market trends and prices etc can be analyzed and better pricing decisions can be made in different segments – low price, good quality at competitive price, and premium brands and products with higher prices. There will be different segments of customers for each of these. Price optimization software can analyze relevant data and provide better insights for designing better and more dynamic pricing plans.

It can help retailers design better pricing, balance low prices and good quality products, design promotional offers, seasonal pricing, offer special discounts and customer specific special offers. They offer a lot more functions, helping you stay competitive in the current market scenario, by coming up with pricing strategies that work best for your business model and your customers.

These are just some aspects of the business that big data technologies can help optimize. You can use these technologies to change and streamline other functions like supply chain management, delivery systems etc.

Artificial Intelligence Applications

Advances in voice and visual recognition, machine learning algorithms, robotics, interactive technologies, faster communication technologies have all resulted in many innovative AI applications that can be used successfully in retail.

PND is a digest of pricing focused news, thought leadership, events, training and certification resources for pricing professionals. This Edition is brought to you by: Perfect Price The Perfect Price AI platform makes millions of pricing decisions for forward-thinking companies around the world. Our cloud-based service allows customers to quickly anticipate and react to changes in demand […]

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TWIP is a digest of pricing focused news, thought leadership, events, training and certification resources for pricing professionals. This Edition is brought to you by: The Perfect Price AI platform makes millions of pricing decisions for forward-thinking companies around the world. Our cloud-based service allows customers to quickly anticipate and react to changes in demand in real-time […]